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Innovation Contests

Employees can be inspired to perform better if their creativity is challenged through teamwork. At four Deloitte LLP offices in India, an experiment in team-based contests to come up with smart, challenging and practical solutions to real-life business problems unleashed out-of-the-box, original thinking that challenged traditional wisdom.

Business executives today are figuring out how to harness the energy not just of the talented people within an organization, but of those outside of it as well. The fall 2013 issue of MIT Sloan Management Review features a special report on leveraging external innovation, from the phenomenon of corporations using innovation contests to an investigation of what motivates volunteers to take part in innovation projects.

How do you ensure that your product stays relevant in the future? Reach out to the next generation of innovators. Several large companies are doing just that — as they attempt to encourage software start-ups to use their products and services.